7-ITB-2025 Short-Term Promissory Note - SOW.pdf

Invitation to Bid (ITB) for

Short-Term Promissory Note

City of Little Rock, Arkansas

City of Little Rock, 500 W. Markham St., Little Rock Arkansas 72201 (501) 371-4510

City of Little Rock

This bid solicitation was issued by the City of Little Rock Procurement Division

Product or Service Short-Term Promissory Note

Department Finance

Release to Prospective Vendors 8/11/2025 Time 10:00 am

Proposal Due Date 9/02/25 Time 11:00 am

Deadline for Vendor Questions

8/25/25 Time 10:00 am

Tentative Proposal Evaluation Date 9/15/25

Pre-Bid Discussion Meeting N/A

Bid Opening Teams Meeting

09/02/25 @11:15 AM

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40th read.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca- 5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d

Tentative Consensus Meeting

N/A

Procurement Website Little Rock Business Portal | City of Little Rock

The City of Little Rock has issued this Invitation To Bid (ITB) to businesses authorized in the State of Arkansas and qualified to provide the requested service(s) outlined in this bid document.

The City of Little Rock actively supports small, minority and/or women-owned businesses to promote growth and sustainability.

Bidders must submit responses to this request online at LRProcure on or before the designated due date and time. Any responses received after this deadline will be considered late and returned to the Bidder without further review.

Responses should comply with all requirements stated in this bid request. If a conflict is found to apply to a key term (for example, quantity or type of work to be done) of this bid, the Bidder's response shall be disqualified at the City of Little Rock's sole discretion.

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://www.littlerock.gov/business/little-rock-business-portal/ https://account.bonfirehub.com/login?flow=d07483ac-ae06-48ec-b504-3bf624cf49ef

The City reserves the right to revise the ITB before the proposal submission deadline. If the City needs to make changes or revisions, an addendum will be posted on the Organization Portal. Only questions and answers in an addendum shall be considered part of the ITB.

The City has worked hard to make sure this request is correct, but it is up to you to check everything carefully because the City and its team are not responsible if there are mistakes or missing information. The responsibility for determining the full extent of the exposure to risk and verifying all information herein shall rest solely on those parties’ making proposals. The City, its representatives, and its agents shall not be responsible for any error or omission in this ITB, nor shall they be responsible for any Bidders or representatives' failure to verify the information herein and to determine the full extent of that exposure.

1. Background – City of Little Rock

Little Rock is the State Capital and the largest city in Arkansas. It was chartered in 1835 and is in the central part of the state, approximately 135 miles west of Memphis, Tennessee. The city has a population of 202,591 according to the 2020 census certified by the Arkansas State Treasurer. The 2025 operating budget revenues as approved by Ordinance No. 22079 are $338,231,579 including the General Fund revenue budget of $263,108,099.

It is also a major cultural, economic, and governmental center in central Arkansas. Several cultural institutions are in Little Rock, such as the Arkansas Museum of Fine Arts, the Arkansas Repertory Theatre, the Arkansas Symphony Orchestra, The Museum of Discovery, William J. Clinton Presidential Library & Museum, and the Mosaic Templars Cultural Center, including a diverse array of outdoor recreational opportunities.

By the adoption of Ordinance No. 22,645 (the "Authorizing Ordinance") on August 5, 2025, the City Board of Directors has authorized the issuance of a promissory note with a five-year term to be issued by the City under the authority of Amendment 78 to the Constitution of the State of Arkansas in the principal amount of $6,500,000 (the "Note") for the purpose of financing the replacement of the damaged Clinton Presidential Park Bridge Protection Cell in the Arkansas River (the "Project").

Copies of the Authorizing Ordinance, the forms of the Note and Approving Opinion, referenced herein, the City’s audited financial statements for the year ended December 31, 2024, and the City’s 2025 Budget Ordinance, Ordinance No. 22,568, may be obtained by visiting the City of Little Rock’s webpage www.littlerock.gov. The financial reports are found via the City Departments/Finance link.

2. Definitions

The City has made every effort to use industry-accepted terminology in this solicitation.

a) The words “must” and “shall” signify a requirement of this solicitation and that vendor’s agreement to and compliance with that item is mandatory.

b) “Prospective Vendor” means a person who submits a bid in response to this solicitation.

c) “Vendor” means a person who sells or contracts to sell commodities and/or services.

d) “Responsive bid” means a bid submitted in response to this solicitation that conforms in all material respects to this ITB.

e) “Bid Submission Requirement” means a task a Prospective Vendor must complete when submitting a bid response. These requirements will be distinguished by using the term “shall” or “must” in the requirement.

f) “Requirement” means a specification that a vendor’s product and/or service must perform during the term of the contract. These specifications will be distinguished by using the term “shall” or “must” in the requirement.

g) “City” means the City of Little Rock, Arkansas. When the term “City” is used herein to reference any obligation of the City under a contract that results from this solicitation.

3. Desired Outcome

The City of Little Rock is seeking to secure short-term financing in the amount not to exceed six million dollars $6,500,000 for the demolition, removal, and replacement of the damaged Clinton Presidential Park Bridge Protection Cell in the Arkansas River.

4. Scope of Services

4.1 Goal

The desired outcome of this ITB is to secure short-term financing in the amount not to exceed six million dollars $6,500,000 for the demolition, removal, and replacement of the damaged Clinton Presidential Park Bridge Protection Cell in the Arkansas River.

4.2 Terms of Award

A. This bid shall be awarded, on an all or none basis, to the lowest responsive and qualified bidder who meets all specified requirements.

B. The vendor shall submit unconditional bids specifying the rate of interest at which the bidder will purchase the entire principal amount of the Note at par.

C. The awarded vendor must have a business license to operate in the State of Arkansas.

D. It is anticipated that the proceeds of the Note will be required to be advanced within 10 business days of award of the bid.

4.3 Services Requested

A. Interest Rate for the City of Little Rock, Arkansas Promissory Note in the principal amount of $6,500,000.

4.4 General Requirements

A. Upon submission of their bid, vendors shall be in agreement with and qualified to perform the work as outlined with all information present, or provided thereafter, within the Bid and Contract Documents sections of this solicitation.

B. The Note shall be issued by the City under the authority of Amendment 78 to the Constitution of the State of Arkansas. The total principal and interest payments due on the Note in each fiscal year of the City shall be charged against and paid from the general revenues of the City.

C. The Note is to have a term of five (5) years and shall be repaid in five (5) substantially equal annual amortized installments of principal and interest, commencing one year from the date of the Note and on the same day of each year thereafter, with the final installment due five (5) years from the date of the Note.

D. The Note shall not be secured by a mortgage or security interest in any real or personal property comprising the Project.

E. The Note shall be pre-payable in whole or in part at any time, without penalty, at the option of the City.

F. A good faith deposit shall not be required in connection with the submission of a bid for the Note, nor shall a good faith deposit be required from the winning bidder.

G. The City Clerk of the City shall maintain a bond register which shall have the name and address of the Owner and any assignee thereof.

H. This Note is issued with the intent that the laws of the State of Arkansas shall govern its construction.

I. Interest on the Note will be excludable from gross income for federal income tax purposes, but the Note will not be a "qualified tax-exempt obligation" nor "bank-qualified" within the meaning of Section 265(b) of the Internal Revenue Code of 1986, as amended.

J. Interest on the Note shall be excludable from all State, County, and Municipal taxes in the State of Arkansas.

K. The purchaser of the Note will receive an opinion of Friday, Eldredge & Clark, LLP to be delivered at the expense of the City.

4.5 Payment Structure

A. The vendor shall submit all invoicing resulting from contract purchase order to the City of Little

Rock’s Accounts Payable Division, Department of Finance, Room 315, 500 West Markham, Little Rock, AR 72201 at accountspayable@littlerock.gov. Email invoice preferred.

B. The contract price may be changed only by a Change Order. The value of any work covered by a Change Order or of any claim for increase or decrease in the contract price shall be determined by one or more of the following methods in the order of precedence listed below:

mailto:accountspayable@littlerock.gov

(A) Unit prices previously approved.

(B) An agreed lump sum.

4.6 Pricing

A. Any cost not identified by the successful vendor but subsequently incurred in order to achieve successful operation shall be borne by the vendor.

B. To allow time to evaluate responses, the stated interest rate shall be valid for ninety (90) days following the bid opening.

5. Performance Metrics and Contract Management

5.1 The City seeks to collaborate with the Vendor and other stakeholders to enhance accountability and contract management, improve results, and adjust the delivery of products and/or services based on learning what works.

Metric Data Source Data Frequency

Responsibility Review Cadence

1. On a linear scale from 1 to 5, how responsive was the vendor to routine correspondence?

Department Records

Annually City of Little Rock Finance

Department

Annually

2. On a linear scale from 1 to 5, how compliant was the vendor to all stipulations of this solicitation over the duration of the contract?

Department Records

Annually City of Little Rock Finance

Department

Annually

3. On a linear scale from 1 to 5, how promptly did the vendor communicate when seeking advice on the short-term promissory note?

Department Records

Annually City of Little Rock Finance

Department

Annually

4. Vendor Performance Report (Ad-hoc)

Vendor Performance Review Form

As Needed – At Least Once Per

Contract

City of Little Rock Procurement

Division

Annually

5. Vendor Performance Review Bonfire

Annually City of Little Rock Procurement

Division

Annually

5.2 Contract Management

A. Communication Plan

1. To manage this contract and the goals outlined in sections herein, the City will collect performance data and regularly discuss with the selected vendors the performance metrics.

2. The monthly update meeting shall occur at an agreed-upon time and date each month.

Upon mutual agreement, the parties may move this meeting if necessary to avoid scheduling conflicts, holidays, or similar occurrences. Any changes or cancellations to a meeting shall be communicated at least twenty-four (24) hours in advance.

5.3 Joint Ventures

A. A joint proposal submitted by two or more vendors is acceptable.

1. In the event of a joint venture, documentation must be submitted with the proposals identifying all participating business entities.

2. Prior to award, a binding agreement between the participants must be provided. The City will recognize both companies as one entity.

3. The City shall have a single point of operational contact with the entity that is formed pursuant to this provision.

4. Two companies with the same physical address or with a single point of operational contact will be considered one entity.

5. In efforts to meet the Mayor’s Initiative to increase spend, it is highly recommended that any joint ventures include small, minority and/or women-owned businesses.

6. Contract

6.1 Issuance of Contract.

A. Any resultant contract of this bid solicitation is subject to City approval processes which may include board review.

6.2 Cooperative Use

A. The City of Little Rock, as the issuing office for this solicitation, shall be the lead agency for this contract. Other governmental entities may participate in any contract resulting from this solicitation that falls under its scope of work throughout the life of the contract.

B. The vendor shall agree to offer the same pricing, terms, and conditions to participating governmental entities as outlined in this solicitation.

C. There is no obligation for any agency to purchase from the awarded contractor, nor does it guarantee any additional orders will result. However, it does allow entities at their discretion, to make use of the City of Little Rock’s competitive procurement process directly from the awarded contractor. All purchases made shall be understood to be transactions between that entity and the awarded vendor.

6.3 The City of Little Rock shall not assume liability or obligation on behalf of any other governmental entity that may use any contract resulting from this solicitation. All purchases and payment transactions shall be made directly between the vendor and the requesting entity.

7. Inquiries and Submission Instructions

7.1 The responsive bid must be submitted through online bidding at LRProcure .

7.2 For any system-related questions, technical errors or help, please contact Bonfire Technical

Support or using the Help Button or at support@gobonfire.com Mon-Fri 8:00am-8:00pm EST.

7.3 For all other assistance, staff is available at (501) 371-4560. Bidder acknowledges that support may not be readily available the day of or the hours/minutes prior to a bid closing date/time.

7.4 All responsive bids will be subject to public information pursuant to the Arkansas Freedom of Information Act.

Opening Bid Webex Meeting link:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v 2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca- 5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d

8. Terms and Conditions

All prospective Vendors who submit a proposal agree to be bound by the City of Little Rock Standard Terms and Conditions for Bidders and the online Bonfire Terms & Conditions.

http://www.littlerock.bonfire.hub.com/ mailto:support@gobonfire.com https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZGEwZGM5ZDMtMWE2My00YjA2LTliY2YtYmM5ODJmZWQzMTY3%40thread.v2/0?context=%7b%22Tid%22%3a%2284d336e2-3cb3-4ee8-91ca-5e4f107776ce%22%2c%22Oid%22%3a%220482e7ca-b0e2-4a95-9ca7-449438c919bf%22%7d https://www.bonfire.com/terms-and-conditions/